May 23, 2022

A new player is preparing to enter the crowded UPI monopoly payments market in India.

Bangalore-based Slice, which went unicorn last year, plans to introduce UPI payments for its users within a few weeks, according to a source familiar with the situation.

According to sources and screenshots obtained by gaming-updates, the startup is currently testing a new payment method within the company. Based on the screenshots, the startup is redesigning the app to easily streamline UPI transactions with a new in-app navigation flow.

The Slice UPI payment protocol, created by a consortium of banks, came at an interesting time.

Walmart-backed PhonePe and Google Pay are currently topping the charts with UPI payments, which have become the most popular online transaction method for Indians today, but a rule coming into force soon will force them to give up some market share.

The National Payments Corporation of India, the governing body that oversees the UPI ecosystem, is also working on new changes designed to level the playing field for UPI players, according to another source familiar with the matter.

The company is working on a Digital Mapper feature that will allow users to send money to each other using only their phone numbers, instead of relying on virtual billing addresses.

The source added that the governing body also plans to standardize the merchant payment process on its payment platform, showing all UPI options during checkout.

The upcoming NPCI plans have revived the interest of many industry players in how they view the payments ecosystem. Indian conglomerate Tata Digital is also planning to implement UPI support in its new app, several people familiar with the matter said.

The screenshots show that Slice is working on rolling out its Web3 digital identity platform as well as redesigning the app, both of which will work in tandem with the upcoming rollout of UPI.

For the young startup, UPI’s support is part of a broader plan to turn Slice into a “super app” for the payment needs of its younger demographic, the first source said. Slice founder and CEO Rajan Bajaj confirmed that the startup plans to launch UPI in the coming weeks, but declined to elaborate.

Slice has become one of the largest card companies in the country, selling about 400,000 cards a month, according to a person familiar with the startup’s internal numbers. In addition to the rapid growth of its card business, Slice has also expanded its offerings over the past year by expanding its rewards and releasing cards aimed at the masses.

He also tested social media and microtransaction features within the company, showed screenshots seen by gaming-updates, and publicly shared his intention to launch a Web3 identity platform.

“It has become second nature for us to switch between identities, whether we are online or offline. What if we stop and think about an identifier that can be used anywhere and is completely controlled by you? Imagine an ID that can be used to accept payments, complete KYC, make investments, apply for a visa, rent a car, or even create a unique link for your brand’s entire social media presence – without any censorship,” Bajaj wrote in the post. LinkedIn. In the past year.

The Slice UPI proposal will be the first to use End ID. When users subscribe to the UPI feature on Slice, startup places NFT in front of their username.

Slice’s notable growth and aggressive plans also explain the interest it generated among investors. The source said the startup is in early talks to close a new funding round that is expected to more than double its valuation from last October’s funding round. Many new investors are preparing to lead this round, but gaming-updates has not been able to identify who they are. Bajaj declined to comment on the startup’s fundraising efforts.

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